AlphaMena Corporate Services - Essoukna (SOKNA) A disappointing growth

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AlphaMena Corporate Services

Aymen SOUFI

EUR 236.14 For Business Accounts Only

A disappointing growth

Q3 2016 was disappointing for ESSOUKNA. During this period, total sales resulted in 1,653 MTND, and contribute byonly 19% to revenues recorded since the beginning of the year (8.671 MTND vs. 5.480 MTND a year earlier).
Sales were mainly pulled up by housing sales which rose from TND4.841m in 9M 2015 to TND8.490m in 9M 2016 (c. 97% to total revenues). Commercial propertiesâ€™ sales have declined by 79% to reach 0.133 MTND in 9M 2016.

27/10/2016 2 EN

Underlying

Essoukna

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TN0007210016 Tunis Stock Exchange Tunisia

Provider

AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

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Analysts

Aymen SOUFI

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A slow recovery

In Q3 2017, Essoukna posted a turnover up by 18% to TND1.949m compared to the previous year. The turnover since the beginning of the year is also higher than the level reached in 2016, amounting to TND14.110m, i.e. an increase of 62.7% thanks to a significant level of sales of housing units worth TND13.24m, i.e. a growth rate of 56%. Commercial sales grew significantly by 553% to TND0.866m (Vs. TND0.132m). The work-in-progress and the inventory of completed units both decreased by about 1% to TND15.313m and TND22.492m, respectively.

EUR 236.14

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AlphaMena Corporate Services

Margins recovery

In Q2 2017, sales have skyrocketed reaching TND 12.161m, a 73% increase compared to the same period in 2016. The housing sales represent 94% of revenues, a 65% increase. Sales promises have amounted to TND5.369m. The inventories of finished products and the construction work-in-progress amount to TND23.854m and TND13.881m, respectively. In Q2 2017, Essoukna obtained the building permit for two projects located at El Mourouj V and El Mourouj VI. The EBITDA reported a growth of 96.8% yoy to TND3.556m.

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When the margins are sacrificed to boost sales

In Q4 2016, Essouknaâ€™s sales increased considerably compared to the past 3 quarters. In fact the TND9.3m sales in Q4 represent around 51% of the companyâ€™s sales for the FY 2016 (TND18m), and 93% of what it made during the whole of 2015 (TND10m). The companyâ€™s total promises reached TND22.9m of which TND18m recorded as sales for FY 2016. The housing sales are again the main contributor to the companyâ€™s sales during 2016 with TND16.8m in sales, and a 93% contribution (vs.

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A disappointing growth

A slow recovery

Margins recovery

When the margins are sacrificed to boost sales

Resilient despite the turmoil

Tough year but better long term perspectives (Jordan Ahli Bank)

A boost is needed

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